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Share Ares Management Corporation is set to acquire Black Creek Group’s U.S. real estate investment advisory and distribution business. Founded in 1993, Black Creek had approximately $11.6 billion of assets under management across two non-traded Real Estate Investment Trusts (REITs) and various institutional fund vehicles. Black Creek’s senior management team has an average of 25 years of experience in sourcing, acquiring, operating and developing properties in the U.S. Supported by large institutional investors and an established retail investor base, Black Creek has a longstanding track record across major property types, including industrial, multifamily, office and retail. The company has over 100 investment professionals operating across eight offices throughout the U.S. ....
Ares Purchases Black Creek Group Ares Management Corp. has, through a subsidiary, entered into a definitive agreement to acquire 100 percent of Black Creek Group’s U.S. real estate investment advisory and distribution business, a real estate investment management firm. “We are very pleased to enter into this strategic transaction with Black Creek, which further scales our real estate business, expands us into core / core-plus strategies and provides us with a leading non-traded REIT retail distribution platform,” said Michael Arougheti, chief executive officer and president of Ares. “We believe that this highly complementary combination will add meaningful revenue synergies for our real estate business as we offer new products to our existing investor base.” ....
Shannon Donnelly Palm Beach Daily News When the organizers of the Party Animal Gala urged guests to dress as a tribute to their favorite animal spirit, we were hard-pressed to choose. We have so many beloved animal spirits. Wild Turkey. Grey Goose. Pink squirrel. Moscow mule. And our mostest favoritest, hair of the dog. More Palm Beach society news here. Then we looked at the invitation again and realized it was Spirit Animal, not Animal Spirit. Damn lysdexia. Well, spirit animal is much easier. According to Native American tradition, our spirit animal is the raven. So we showed up dressed as a bottle of Old Crow. OK, not really. ....
(Bloomberg) Real-estate bosses at Blackstone Group Inc. quietly smiled when Britain’s biggest-selling tabloid unwittingly endorsed their largest European real estate deal since the pandemic.The Sun’s front page teased readers that foreign travel curbs meant they’d be splashing their cash at the much-maligned seaside town of Bognor Regis this year. Less than two weeks earlier, it had emerged Blackstone was in talks to spend about 900 million pounds ($1.3 billion) on a majority stake in the owner of Butlins, which has run a popular holiday park in the south-England town for 60 years.The private equity giant is leading cash-rich peers including Lone Star and KKR & Co. in preparing for a world beyond the pandemic as the rollout of vaccines hints at commercial properties stirring back to life. Buyout firms’ global real estate funds are now sitting on more than $300 billion of unspent cash, according to Preqin data.“There is a lot of money on the sid ....
Private equity has US$300B war chest for COVID-hit property bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.